Calvert VP SRI Equity Portfolio

Daily Performance (as of 4/16/2014)
Price $25.90
Price Change $0.30 (1.16%)
YTD Return -1.45%
Portfolio Facts (as of 4/15/2014)
Calvert Portfolio Number 396
CUSIP Number 131647786
Assets Under Management $10.24 Million

Overview

Portfolio Management

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 53
Click here for all Fund Holdings

Investment Objective

The Portfolio seeks growth of capital through investment in stocks of issuers in industries believed to offer opportunities for potential capital appreciation and which meet the Portfolio's investment criteria, including financial, sustainability and social responsibility factors.

Investment Strategy

The Fund invests primarily in the common stocks of U.S. large-cap companies, although it may have other investments, including foreign stocks and mid-cap stocks. The Fund defines large-cap companies as those whose market capitalization falls within the range of the S&P 500 Index. Sub-advisor Atlanta Capital looks for established companies with a history of steady earnings growth and selects companies based on its opinion that the company has the ability to sustain growth through high profitability and that the stock is favorably priced with respect to those growth expectations. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges.

Investment Risk

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Portfolio or the Portfolio could underperform because of the following risks: the stock market may fall in value, causing prices of stocks held by the Portfolio to fall; individual investments of the Portfolio may not perform as expected; and/or the Portfolio's portfolio management practices may not achieve the desired result. In addition, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during periods of economic expansion.


Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.


Performance

Select additional indices to display below:

Benchmark Index

Checking this box will compare fund performance to that of its benchmark index.

Lipper Category Index

Checking this box will compare fund performance to that of its Lipper Category Index.

Average Annual Total Returns (%) for period ending 3/31/2014
YTD QTD 1 yr 3 yrs 5 yrs 10 yrs Since Inception Inception
Portfolio 0.08 0.08 20.24 11.92 20.46 7.55 6.71 4/30/2002
Portfolio Expenses and Turnover (from Prospectus)
(Performance data quoted above already reflects deduction for portfolio operating expenses)
Expense Ratio
(if no waiver reimbursement in effect)
Net Expense Ratio
(if waiver reimbursement in effect)
Gross Expense Ratio
(if waiver reimbursement in effect)
Portfolio Turnover
n/a 1.12% 1.23% 30.00%

Hypothetical Growth of $10,000

Yearly Percentage Return

Modern Portfolio Theory Statistics* as of 3/31/2014

  Portfolio S&P 500 Index
  3 yrs 5 yrs 3 yrs 5 yrs
Alpha -2.73% -1.09% 0.00% 0.00%
Beta 1.03 1.03 1.00 1.00
R-Squared 91.84% 92.61% 100.00% 100.00%
Sharpe Ratio 0.88 1.36 1.17 1.51
Standard Deviation 13.42% 15.01% 12.47% 13.99%
Excess Return -2.74% -0.70% 0.00% 0.00%
Information Ratio -0.71 -0.17 0.00 0.00
Tracking Error 3.85% 4.11% 0.00% 0.00%
*Source: Zephyr StyleADVISOR using MorningstarTM data


Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.
Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.
Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.
Excess Return is return in excess of the risk-free rate or in excess of a benchmark.
R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.
Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.
Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.
Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.


Important Disclosure

Net expense ratio reflects contractual fee waiver and/or expense reimbursement through April 30, 2014.


Pricing & Distribution

Most Recent Distributions

Portfolio
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/20/2013 Dividend 0.02025 12/18/2013 12/19/2013 12/19/2013 25.68
12/20/2013 Long Term Gain 1.66611 12/18/2013 12/19/2013 12/19/2013 25.68
12/28/2012 Dividend 0.02184 12/27/2012 12/28/2012 12/28/2012 21.02
12/28/2012 Long Term Gain 0.73057 12/27/2012 12/28/2012 12/28/2012 21.02
12/30/2010 Dividend 0.01025 12/29/2010 12/30/2010 12/30/2010 19.41
12/30/2009 Dividend 0.06238 12/29/2009 12/30/2009 12/30/2009 16.67
12/30/2009 Long Term Gain 0.82274 12/29/2009 12/30/2009 12/30/2009 16.67
12/30/2008 Long Term Gain 0.13334 12/29/2008 12/30/2008 12/30/2008 12.75
12/28/2007 Long Term Gain 1.05370 12/27/2007 12/28/2007 12/28/2007 20.53
12/29/2005 Dividend 0.00968 12/28/2005 12/29/2005 12/29/2005 17.81
12/31/2004 Dividend 0.01237 12/29/2004 12/30/2004 12/30/2004 16.97
12/30/2003 Dividend 0.00189 12/30/2003 12/31/2003 12/30/2003 15.82

Holdings

Top 10 Holdings

Top 10 Equity Holdings

The top 10 companies in which the portfolio invests, measured by a percentage of total investments.

Issues in Portfolio: 53
Click here for all Fund Holdings

Important Disclosure

Holdings are subject to change.

Industry classifications provided by MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.


Management & Commentary

Portfolio Management

Calvert Investment Management, Inc.

As investment advisor to the Calvert family of funds, Calvert Investment Management, Inc. oversees assets covering a broad range of equity, fixed-income, balanced, and asset allocation funds.

Atlanta Capital Management Company, LLC

Established in 1969, Atlanta Capital Management applies a High-Quality-Growth-Plus process to large cap investing.

Fees & Minimums

Annual Operating Expenses (deducted from Portfolio assets)

Description Expense
Management fees 0.700%
Distribution and service (12b-1) fees none
Other expenses 0.530%
Total annual Portfolio operating expenses 1.230%

Less fee waiver and/or expense reimbursement 0.110%
Net expenses 1.120%

Shareholder Fees (fees paid directly from your account)

Description Fee
Maximum sales charge (load) imposed on purchases
(as a percentage of offering price)
none
Maximum deferred sales charge (load)
(as a percentage of purchase or redemption
proceeds, whichever is lower)
none

Portfolio Expense Ratios

Description Expense
Expense Ratio
(if no waiver/reimbursement
in effect)
n/a
Net Expense Ratio
(if waiver/reimbursement
in effect)
1.12%
Gross Expense Ratio
(if waiver/reimbursement
in effect)
1.23%

Investment Minimums

Description Minimum
Minimum Initial Investment n/a
Minimum Initial Investment for IRA n/a
Minimum Subsequent Investment n/a

Important Disclosure

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP Income Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 0.85%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Calvert has agreed contractually to limit direct net annual operating expenses for Calvert VP SRI Equity Portfolio through April 30, 2014. Direct net operating expenses for the Portfolio will not exceed 1.12%. Only the Board of Directors of the Portfolio may terminate the Portfolio's expense limitation before the contractual period expires. Under the terms of the contractual expense limitation, operating expenses do not include interest expenses, brokerage commissions, extraordinary expenses and taxes.

Management fees include the advisory fee paid by the Fund to the Advisor, and the administrative fee paid by the Fund to Calvert Investment Administrative Services, Inc., an affiliate of the Advisor.


Morningstar Style Box™

Morningstar Style

A style box is a graphical representation of a mutual fund's characteristics. Together, the vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.

Large Growth

is categorized as: Large Growth

Morningstar Category™

Large Growth

Risk/Return Assessment

Risk/Return Assessment

Demonstrates where the Portfolio falls on a risk/return spectrum, relative to other Calvert Funds. Portfolios with more conservative objectives and strategies would fall on the left side of the spectrum, while funds with more aggressive objectives and strategies would appear on the right.

Compared against all Calvert Portfolios